Trial Balance Opening balance from start of fiscal year

[Former Member]

Dear Consultants,

I am trying to open trial balance and want to chose the option OB from start of fiscal year, system does not show opening balance while i have closed my fiscal year upto 2015. our financial year start from 01.07.2016 to 30.06.2017.

have any idea?

Regards,

Faizan Ahmed

[former_member228513 · Accepted solution]

Hi,

Did you close year end?

Just change financial year status like locked and try again or take TB with OB from Start of Company Activity

Regards

Halik

[Former Member · Accepted solution]

Thanks Amol and abdul halik, anmol your option was good. problem solved. before threat closed can you plz give logic why we take OB from company Activity rather we want OB from current year.?

[Former Member · Accepted solution]

Hi Faizan,

The opening balance from company activity considers all the transactions till the from the date of posting period, calculates and shows opening balance.

If opening balance is set to start of fiscal year, and your posting period defined is start of financial year, then no opening balance will be seen. But if your posting period starts from within the financial period, then opening balance will be calculated from start of financial year till the specified date.

Since balance sheet items are carried forward, your opening balance for a FY TB should be from start of company activity. In this case, you should have done your period end closing for past financial year.

If period end closing is not done, then you would need to draw your TB in 2 parts  - 1 for balance sheet items, where opening balance is from start of company activity and 2 for P&L items, where opening balance is from start of fiscal year.

If period end closing is done, for all items opening balance from company activity is good.

Amol

[Former Member]

Faizan,

Pls upload the snapshot of the trial balance - selection criteria ( showing options you have selected )

[Former Member]

[Former Member]

Hi,

You should run the TB from Start of Company Activity and add closing balances of life to date.